On Thursday, Norwegian Air's shareholders approved Rescue Plan #173 for the airline. Once again, current shares will be diluted as Norwegian attempts to trade debt for equity and raise additional capital through a new share offering while taking advantage of creditor protection granted in Ireland and Norway. Why do investors continue to subscribe to new share offerings by the airline? I have no idea.
Interestingly, CEO Jacob Schram said that the board of directors is debating the future of long-haul transatlantic flights, but no decision has been made with regard to whether these will be part of a smaller post-"bankruptcy" Norwegian Airlines.
Reuter's coverage: https://www.reuters.com/article/norwegianair-restructuring/update-1-norwegian-air-shareholders-back-restructuring-plan-idUKL8N2IX2M6
Simple Flying's coverage: https://simpleflying.com/norwegian-rescue-plan-approved/